Title Insurance Assistance in Southwest Florida
Title Insurance
Desjarlais Law & Title offers customers the most complete real estate services. Desjarlais Law & Title has a history of serving its customers with accuracy and efficiency, and through Chicago Title Insurance Company, has unequalled financial strength to back your policy. For assurance and security for you and your heirs, rely on Desjarlais Law & Title to issue title insurance policies through Chicago Title Insurance Company.
What is Title Insurance
Title policies insure owners and lenders against possible losses from claims against real property ownership. The preliminary report or commitment provides advance information on matters which will be excepted from coverage. Lenders and owners are thereby given an opportunity to correct title flaws before purchasing or lending.
Title insurance originated in the 1870's to stem a series of land ownership problems that developed from inaccurate record searches, forgeries, and related problems. Today, it offers protection from certain items that cannot be determined from public records, such as forgeries of all types, undisclosed heirs, hidden marriages and divorces, clerical errors, and invalid legal procedures and interpretations.
Policies are written on the basis of a search of public records and other records which impart constructive notice. Remember, a deed does not prove that the seller is the owner of the property. Only title insurance can protect your interest in the property from unknown encumbrances, legal conflicts and unforeseen claims.
A policy of title insurance is like a pre-paid legal agreement. Your insurer will provide legal defense against challenges to your insured title (dependent, of course, upon the type of policy coverage) and will reimburse you financially for losses due to the covered defects in your ownership rights.
It is important to remember that a lender's title policy does not insure a borrower against title risks. While certain types of policies pertain to both the owner and the lender, it makes good sense to help protect your borrowers by explaining the limitations of their particular coverage.
Why Do You Need Title Insurance?
To protect one of the most important investments you'll ever make - the investment in your home. With a title insurance policy, you as the owner, have an indemnity contract that will reimburse you for loss in the event someone asserts a claim against your property that is covered by the policy.
How can there be a title defect if the title has been searched?
Title insurance is issued after a careful examination of copies of the public records. But even the most thorough search cannot absolutely assure that no title hazards are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be disclosed in a search.
What title insurance protects against
Here are just a few of the most common hidden risks that can cause a loss of title or create an encumbrance on title:
- * False impersonation of the true owner of the property
- * Forged deed, releases or wills, Instruments executed under invalid or expired power of attorney;
- * Undisclosed or missing heirs; Mistakes in recording legal documents
- * Misinterpretations of wills Deeds by persons of unsound mind
- * Deeds by minors
- * Deeds by persons supposedly single, but in fact married
- * Fraud
- * Liens for unpaid estate, inheritance, income or gift taxes
What protection does title insurance provide against defects and hidden risks?
Title insurance will pay for defending against any lawsuit attacking your title as insured, and will either clear up title problems or pay the insured's losses. For a one-time premium, an owner's title insurance policy remains in effect as long as you, or your heirs, retain an interest in the property.
What this means to you
The peace of mind in knowing that the investment you've made in your home is a safe one.
Call Desjarlais Law & Title
If you have any questions concerning title insurance coverage, please call Desjarlais Law & Title (941) 923-3388. We are here to assist you.
What form does the Taxpayer use to identify Replacement Property?
HOW YOU TAKE TITLE - ADVANTAGES AND LIMITATIONS:
Title to real property in Florida may be held by individuals or corporate entities.
SOLE OWNERSHIP
* A man or woman who is not married.
Example: John Doe, a single man.
* An Unmarried Man/Woman:
A man or woman, who having been married, is legally divorced.
Example: John Doe, an unmarried man.
* A married man/woman:
Example: John Doe, a married man
JOINT OWNERSHIP
* Joint Tenants with Rights of Survivorship:
Joint and equal interests in land owned by two or more individuals created under a single instrument with right of survivorship. (Meaning that the survivor takes full ownership upon the death of a co-owner without probate proceedings.)
Example:
1. John Doe and Mary Doe, husband and wife, tenancy by the entireties
2. John Doe, a single person, and Mary Smith, a single person, joint tenants with rights of survivorship
* Tenancy in Common:
Under tenancy in common, the co-owners own undivided interests; but unlike joint tenancy, these interests need not be equal in quantity and may arise at different times. There is no right of survivorship; each tenant owns an interest, which on his or her death vests in his or her heirs according to their Last Will and Testament.
Example: John Doe, a single man, as to an undivided 75% interest, and George Smith, a single man, as to an undivided 25% interest, as tenants in common.
* Trust:
Title to real property in Florida may be held in trust. The trustee of the trust holds title pursuant to the terms of the trust for the benefit of the beneficiary.
There are significant tax and legal consequences on how you hold title. We strongly suggest contacting an attorney and/or CPA for specific advice on how you should actually vest your title.
Steps In The Title Process
Initial Request for Title Insurance
An order for title insurance is placed immediately with the title examiner for Chicago Title Insurance Company. A preliminary report can be issued with the minimum of information; without even identifying the lender or the terms of the loan. It shows the record title as it presently exists and is only an offer to provide insurance. To order a preliminary report contact Desjarlais Law & Title.
On-Site Searching and Examining
The title examiner performs three searches: Property, Name, and Tax searches. From that information, a preliminary report is created. Our abstractor expedites the process of obtaining hard copies of recorded documents. Imaging helps to expedite searches with the ability to obtain documents on-line.
* Real estate commission
* Document preparation fee for deed
* State of Florida documentary transfer tax
* Payoff of all loans in seller's name
* Interest accrued to lender being paid off, statement fees, reconveyance fees and any prepayment penalties.
* Termite work (if termite damage and according to terms of contract)
* Home warranty (according to contract)
* Any judgments, tax liens, etc., against the seller
* Tax proration (for any taxes unpaid at time of transfer of title)
* Any unpaid homeowner's dues
* Recording charges to clear all documents of record against seller
* Any bonds or assessments (according to contract)
* Any and all delinquent taxes
* Notary fees
* Estoppel fees (to lender and homeowner/condominium associations)
* Title insurance premium (according to contract)
* Any loan fees required by buyer's lender (if VA or FHA)
The skill and expertise of Desjarlais Law & Title is the key to providing you with a useful, accurate title report. Once the report is issued the review begins by making a technical analysis of the documents of record. An interpretive view of all recorded matters is made to evaluate their impact on the title to the property. Among the questions the examiner asks are: Would any of the recorded matters prevent the buyer from using the property for its intended purpose? Can antiquated leases be eliminated from the policy per a review of the current leases?
Survey Analysis
In anticipation of ALTA coverage, a survey should be ordered unless you are buying a condominium, then it is unnecessary. From the survey, the initial title product is supplemented to show any encroachments or other off-record matters which would ultimately impact the title.
We Earn Your Respect with our Skills, Service and Solutions
We try not to point out impediments to the close of a transaction without also offering assistance and solutions. By understanding the sometimes delicate balance of the interests of the parties to a transaction, and by professionally and courteously handling issues as they arise, we can capably guide a transaction to a successful conclusion.
Documents in the Title Process
* Preliminary Title Report
*Permit / Code Enforcement Search
* Commitment - Shows the condition of title in the way we are willing to issue it.
* Policy - Final product. Contract of indemnity between named insured and the company.
Re-Insurance
The title insurer will insure up to the total sale price or loan amount, and then employs another title insurance company to insure them. The premium paid to the re-insurance title company is deducted from the title fees; it is not an additional charge to the parties. Re-insurance is handled by the Title Department when requested by the proposed insured or is required based upon self-imposed or statutory title insurance limits.
Co-Insurance
The proposed insured may only allow the title insurance company to insure up to a certain amount (i.e. not the total sale price or loan amount). The insuring company must employ another title insurance company to insure the remainder of the sale price or loan amount. When there is co-insurance, the customer is charged based upon each company’s filed rates for the portion of the total liability covered by that company. The co-insurance company may be chosen by the customer.
20 Reasons For Title Insurance
Buying Property Is A Numbers Business
1. A fire destroys only the house and improvements. The ground is left. A defective title may take away not the only the house but also the land on which it stands. Title insurance protects you (as specified in the policy) against such loss.
2. A deed or mortgage in the chain of title may be a forgery.
3. A deed or a mortgage may have been signed by a person under age.
4. A deed or a mortgage may have been made by an insane or incompetent person.
5. A deed or a mortgage may have been signed using a power of attorney after the power of attorney was terminated or cancelled and thus would be void.
6. A deed or a mortgage may have been signed fraudulently by a person other than the owner, but with the same name as the owner.
7. The testator of a will might have had a child born after the execution of the will, a fact that would entitle the child to claim his or her share of the property.
8. A deed or mortgage may have been procured by fraud or duress.
9. Title transferred by an heir may be subject to a federal estate tax lien.
10. An heir or other person presumed dead may appear and recover the property or an interest therein.
11. A judgment or levy upon which the title is dependent may be void or voidable on account of some defect in the proceeding.
12. Title insurance covers attorneys’ fees and court costs.
13. Title insurance helps speed negotiations when you’re ready to sell or obtain a loan.
14. By insuring the title, you can eliminate delays and technicalities when passing your title on to someone else.
15. Title insurance reimburses you for the amount of your covered losses.
16. A deed or mortgage may be voidable because it was signed while the grantor was in bankruptcy.
17. Each title insurance policy we write is paid in full, by the first (and only) premium for as long as you or your heirs own the property.
18. There may be a defect in the recording of a document upon which your title is dependent.
19. Claims constantly arise due to marital status and validity of divorces. Only title insurance protects against claims made by non-existent or divorced "wives" or "husbands."
20. Over the last 24 years, claims have risen dramatically.
We Hope You Never Have A Title Claim
Americans have the future in mind when they buy a house, and they purchase title insurance to help protect that future. But with home ownership comes the need to protect the property against the past, as well as the future.
Title insurance protects a policyholder against challenges to rightful ownership of real property and challenges that arise from circumstances of past ownership. Each successive owner brings the possibility of title challenges to the property.
When you purchase real property, rely on Desjarlais Law & Title through Chicago Title Insurance Company to protect your interests. You’ll be insured by a company backed by more than 150 years of successful title operations.
Every owner, purchaser and beneficiary, whether by a deed or contract, should have an insured title. The entire investment depends upon the quality of title. If title insurance is omitted, your security is not complete.
Our title policy protects you against unforeseen defects in title that an abstract or the public records do not show and cannot show.
Whether this is your first or fiftieth real estate investment, Desjarlais Law & Title can help you during your transaction.